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On January 15, year 1, Forrester Company paid property taxes on its factory building for calendar year 1 in the amount of $60,000. The first week of April year 1 Forrester made unanticipated major repairs to its plant equipment at a cost of $240,000. These repairs will benefit operations for the remainder of the calendar year. How should these expenses be reflected in Forrester’s quarterly income statements?
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